ePharmacy Market

Global ePharmacy Market Size (2021 to 2026)

As per our report, the global ePharmacy Market (Online Pharmacy Market) size is estimated to grow USD 107.5 billion by 2026 from USD 49.43 billion in 2021, growing at a CAGR of 16.81% between 2021 to 2026. Increasing the prevalence of the internet of things worldwide and the growing use of smartphones and tablets are the key factors driving the global online pharmacy market demand.

An ePharmacy is an online pharmacy that operates on the Internet and provides medicines to consumers through mail or shipping companies. ePharmacy is also known as an online pharmacy, internet pharmacy, and mail-order pharmacy. In recent times, one of the progressive technologies in the Healthcare industry is Telemedicine, which has provided a way for people to get access to healthcare advice through IT. Many technological advances help increase price transparency, raise awareness, find appropriate health service providers, reminders of medicines, and alerts to pregnancy for consumers. Like telemedicine, ePharmacy is another technological innovation that has turned into a problem solver for the delivery of contactless medicine during the pandemic days and now. The demand for ePharmacy has significantly increased in recent times and forecasted the steak would continue during the forecast period.

COVID-19 impact on the ePharmacy market:

Online Pharmacy will be the next huge innovation that will impact billions of lives and make a healthy behavioral change safer and more convenient tomorrow. It is one of the technological innovations that has positioned itself as an attractive model in the online healthcare sector, which is expected to generate huge demand in the future.

The online pharmacy sector is experiencing healthy growth during the Covid-19 pandemic, boosted by lockdown restrictions, and social distancing is a driving factor for over-the-counter and prescription drug purchases over the Internet. A report by global professional services firm EY shows that India's potential e-pharmacies market will rise to $18.1 billion (Dh66.4 billion) by 2023 compared to $9.3 billion in 2019. According to Adobe’s analysis, 200% increase in Google Search volumes for COVID-19 related health products.

MARKET DRIVERS:

high unmet needs in emerging economies and growing penetration of e-commerce worldwide are majorly accelerating the global online pharmacy market growth.

The growth of the ePharmacy market is capable of rising in the number of Internet consumers, increased access to web-based and online services, and an increase in the implementation of e-prescriptions in hospitals and other healthcare services.

The growing scope of e-commerce has made it easy for e-Pharmacy to capture a large customer base in developed and developing countries of the world. This generation relies heavily on the online supply of products such as cosmetics and medicines without a prescription. There are also various startups worldwide due to the advent of new information technologies and algorithms that provide a better experience and consumer satisfaction. It is believed that new technologies based on artificial intelligence will ensure better customer satisfaction in the market. All of these factors are escalating the growth of the global ePharmacy market.

Rising incidences of chronic diseases and increasing awareness over online pharmacies are to surge growth opportunities for the global ePharmacy market. Furthermore, the market is propelled by the implementation of e-prescription, which is an easy and convenient process in pharmaceutical companies.

Government agencies' efforts to reach regulatory agreements and ethical practices in the field of e-pharmacy in some major dynamic regional markets are expected to open lucrative business opportunities for the companies operating in the global ePharmacy market.

MARKET RESTRAINTS:

However, the rise in fraud activities is slightly restraining the demand of the ePharmacy market. Security and privacy concerns among people have remained a challenging factor for the Online Pharmacy market.

There are strict regulations for the sale of prescription drugs through online channels. Sales of prescription drugs through the electronics industry in North America and Europe are highly regulated. Companies must comply with various rules that could impact ePharmacy Market development in these areas. Besides, not all countries in the world have legalized the sale of prescription drugs through websites. It is believed that factors such as the unregulated sale of prescription drugs that could lead to online drug bans will lead to lower revenue in the world ePharmacy Market. Possible confidentiality, improper packaging, failure to verify drug interactions are other significant challenges that can slow the growth of the online pharmacy market.

REPORT COVERAGE:

This research report on the global ePharmacy market has been segmented and sub-segmented based on the drug type, product type, and region.

ePharmacy Market - By Drug Type:

• Prescription Drugs
• Over the Counter Drugs

Based on drug type, the OTC drugs segment witnessed the most significant shares of the market. The rise in the demand for electronic devices rather than traditional techniques is mainly fuelling the growth of the ePharmacy market.

Over the counter market, the segment has the most significant growth in the e-pharmacy market since the beginning due to its reliability, lack of prescription, and convenience for the consumer to purchase it. Authorized agencies regulate the OTC drugs to provide a better substitute for the drug. It contains the same active pharmaceutical ingredients considering safety and efficacy when administrated without a physician consultant. The OTC drug counter has the available number of general conventional disease medicine types, which consumers quickly take. The OTC segment had the fastest e-pharmacy market growth in 2019. However, the prescription segment is also increasing significantly due to the rise in online prescription demand.

ePharmacy Market - By Product Type:

• Skin Care
• Dental
• Cold And Flu
• Vitamins
• Weight Loss
• Others

The Skincare segment is ruling with the highest shares of the ePharmacy market based on product type, increasing concern towards the beauty conscious. Skincare and nutrition segments are more lucrative segments than others. Nutrition such as vitamins and body gain and loss powder influencing the e-pharmacies market in recent years. Also, the female has an enormous demand for skincare products through e-pharmacies.

ePharmacy Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Regionally, North America accounted for dominant shares of the global ePharmacy market owing to the emergence of software technology in the medical sector. North America has the largest e-pharmacy market globally due to the high adoption of e-commerce, a rising online platform for purchasing products, and rapid population growth, which is the crucial factor that fuels the global e-pharmacy Market. There are prominent vital players and developments in pharmaceutical and other life sciences industries that demand the e-pharmacies market. The U.S. is the largest segment for the e-pharmacies market due to awareness of health and wellness and rising chronic diseases. A reliable internet connection, more number of geriatric patients, and a more developed information technology structure will help the market grow in the United States. Recently, the food and drug administration (FDA) has provided more information about e-pharmacy to citizens, significantly influencing the market towards the growth side. Europe's e-pharmacy market is regulated by strict regulations government; even so, the growth of the e-pharmacy market is moderate in this country.

The Asia Pacific is the second-highest in leading the demand of the market. Asia-pacific is expected to reach the highest market share in the coming years due to the presence of large patients and rising population. China and India are the substantial population countries with the presence of prominent key players that accelerate the demand for an epharmacy product in the global market. Changing regulations in the various countries and the rising interest of international players in these markets with the new implementation and rapid penetration of web cloud-based technology will foresee the growth of the e-pharmacy market everywhere.

Europe is registered in having the fastest growth rate from recent years and also to hit the highest CAGR in the coming years. Increasing support from the I.T. sector and adopting cloud-based technology in every application is lavishing the demand of the ePharmacy market. The Middle East and Africa are to have prominent shares shortly.

KEY MARKET PARTICIPANTS:

Some of the notable companies playing a crucial role in the global ePharmacy market profiled in this report are CVS Health, Walmart Stores, Inc., Walgreen Co., The Kroger Co., Rite Aid Corp, Lloyds Pharmacy Ltd., Planter, Canada Drugs, Medicate, Express Scripts Holding Company, Secure Medical Inc., Sani care A.B., Doctors Rowlands Pharmacy, Giant Eagle, Inc. AND Optus Rx, Inc.

Recent Developments in the ePharmacy Industry:

• In March 2019, in India, the National Association of Boards of Pharmacy (NABP) had certified 1mg with LegitScript. It is the first company in India to get this certificate.
• In January 2019, a Swedish online pharmacy company focused on expanding its business across Europe by funding USD 5.5 million. It is to increase its portfolio in the online pharmacy market.
• In November 2016, the Hyperlocal drugs delivery app was acquired by Netmeds Marketplace, where it delivered an application named Pluss for an undisclosed amount.
• In June 2015, the acquisition between the Rite Aid Corp and Envision Rx Options had made many developments in the ePharmay industry. Mail-order pharmacies, along with prescription medicines, are provided due to this acquisition. Rite Aid Corp has entered into the Online Pharmacy Market with this acquisition and leading with the most significant shares.